The 7 best high-yield savings accounts of April 2023

As we delve deeper into 2023, it becomes increasingly important to understand the financial landscape and make informed decisions about where to store our hard-earned money. For those looking to grow their savings with minimal risk, high-yield savings accounts offer a relatively safe and effective way to increase your wealth over time. As of April 2023, the following seven high-yield savings accounts stand out as the best options available.

1. Ally Bank: Online Savings Account

Ally Bank’s online savings account leads the pack with an impressive 1.90% APY (Annual Percentage Yield). There are no minimum deposit requirements or monthly maintenance fees, making it an attractive option for savers at all stages. The account also comes with the convenience of being completely online, including 24/7 customer service.

2. Marcus by Goldman Sachs: Online Savings Account

The Marcus online savings account by Goldman Sachs is hot on Ally’s heels, offering a competitive 1.85% APY. This account also has no minimum deposit or monthly fees, and its easy-to-use online platform makes managing your savings simple.

3. American Express: High Yield Savings Account

American Express offers a high-yield savings account with an APY of 1.75%. Like Ally and Marcus, this account has no minimum deposit and no monthly fees. Additionally, American Express’ reputation for excellent customer service extends to its banking division, ensuring a seamless user experience.

4. Discover Bank: Online Savings Account

Discover Bank is not just a credit card company; it also offers one of the best high-yield savings accounts with an APY of 1.70%. This account has no minimum balance requirement or monthly fees, and it comes with the added benefit of U.S.-based customer service.

5. Synchrony Bank: High Yield Savings

Synchrony Bank offers a competitive high-yield savings account with an APY of 1.75%. Known for its customer-friendly features, this account offers an optional ATM card for easy access to your money and has no minimum balance requirement or monthly fees.

6. CIT Bank: Savings Builder Account

CIT Bank’s Savings Builder account offers a tiered APY system, with rates reaching as high as 1.85%. To earn the highest rate, you’ll need to either maintain a balance of $25,000 or make a monthly deposit of at least $100. This account also has no monthly fees.

7. Barclays Online: Savings Account

Rounding out the list is the Barclays online savings account, offering an APY of 1.70%. This account has no minimum balance requirement or monthly fees, and it boasts a user-friendly online platform for easy account management.

All of these high-yield savings accounts offer FDIC insurance up to $250,000, providing an extra layer of security for your savings.

In conclusion, high-yield savings accounts are an excellent tool for growing your wealth with minimal risk. The seven accounts listed above represent the best available as of April 2023, offering competitive APYs, low fees, and other user-friendly features. As always, it’s important to do your research and choose the account that best suits your financial situation and goals. Happy saving!